Belmont Sandbanks Limited 31/03/2019 iXBRL

ROMNEY CARE HOME LIMITED - Company Information

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REGISTRAR

Company registration number: 02657304

Belmont Sandbanks Limited

Unaudited filleted financial statements

31 March 2019

Belmont Sandbanks Limited

Contents

Statement of financial position

Notes to the financial statements

Belmont Sandbanks Limited

Statement of financial position

31 March 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	5	2,824,554		3,281,339
		_______		_______
			2,824,554		3,281,339

Current assets
Stocks		2,377		2,914
Debtors	6	704,150		124,256
Cash at bank and in hand		113,128		103,389
		_______		_______
		819,655		230,559
Creditors: amounts falling due
within one year	7	( 423,624)		( 312,554)
		_______		_______
Net current assets/(liabilities)			396,031		( 81,995)
			_______		_______
Total assets less current liabilities			3,220,585		3,199,344

Creditors: amounts falling due
after more than one year	8		( 1,387,682)		( 1,473,424)
			_______		_______
Net assets			1,832,903		1,725,920
			_______		_______

Capital and reserves
Called up share capital	9		200		225
Revaluation reserve			1,182,769		1,182,769
Profit and loss account			649,934		542,926
			_______		_______
Shareholders funds			1,832,903		1,725,920
			_______		_______

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 12 July 2019 , and are signed on behalf of the board by:

A N Hutchison

Director

Company registration number: 02657304

Belmont Sandbanks Limited

Notes to the financial statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 64, Zenith House, Highlands Road, Shirley, Solihull, B90 4PD.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The accounts are rounded to the nearest £1.

In the current year there has a change in the accounting policy for payroll costs this has been revised from the inclusion at point of payment to the point of cost incurred.

Consolidation

The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the provision of care home accommodation and care.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	No depreciation
Fittings fixtures and equipment	-	10 %	straight line
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loan and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 58 (2018: 76 ).

5. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2018	3,230,000	270,506	37,220	3,537,726
Additions	-	32,470	-	32,470
Disposals	( 475,000)	-	-	( 475,000)
	_______	_______	_______	_______
At 31 March 2019	2,755,000	302,976	37,220	3,095,196
	_______	_______	_______	_______
Depreciation
At 1 April 2018	-	237,635	18,752	256,387
Charge for the year	-	9,639	4,616	14,255
	_______	_______	_______	_______
At 31 March 2019	-	247,274	23,368	270,642
	_______	_______	_______	_______
Carrying amount
At 31 March 2019	2,755,000	55,702	13,852	2,824,554
	_______	_______	_______	_______
At 31 March 2018	3,230,000	32,871	18,468	3,281,339
	_______	_______	_______	_______

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Freehold property	Total
	£	£
At 31 March 2019
Aggregate cost	1,572,231	1,572,231
Aggregate depreciation	-	-
	_______	_______
Carrying amount	1,572,231	1,572,231
	_______	_______

At 31 March 2018
Aggregate cost	2,047,231	2,047,231
Aggregate depreciation	-	-
	_______	_______
Carrying amount	2,047,231	2,047,231
	_______	_______

The historical cost of freehold land and buildings included at a valuation of £2,755,000 (2018 - £3,230,000) was £1,572,231 (2018 - £2,047,231). The freehold land and buidlings have been professionally valued on 29 January 2018 by Knight Frank LLP at a current market valuation of £2,970,000.

6. Debtors

	2019	2018
	£	£
Trade debtors	85,856	27,876
Amounts owed by group undertakings and undertakings in which the company has a participating interest	592,380	20,308
Other debtors	25,914	76,072
	_______	_______
	704,150	124,256
	_______	_______

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	135,384	135,384
Trade creditors	78,458	73,031
Amounts owed to group undertakings and undertakings in which the company has a participating interest	44,484	-
Corporation tax	26,353	41,718
Social security and other taxes	26,953	25,817
Other creditors	111,992	36,604
	_______	_______
	423,624	312,554
	_______	_______

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	1,384,889	1,466,577
Other creditors	2,793	6,847
	_______	_______
	1,387,682	1,473,424
	_______	_______

Bank loan is secured by a charge on the assets.

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2018 £ 1, 069,022 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Called up share capital

Issued, called up and fully paid

	2019		2018
	No	£	No	£
Ordinary shares shares of £ 1.00 each	200	200	200	200
Ordinary B shares shares of £ 1.00 each	-	-	25	25
	_______	_______	_______	_______
	200	200	225	225
	_______	_______	_______	_______

Share movements

	No	£
Ordinary B shares :
At 1 April 2018	25	25
Shares cancelled	25	25
	_______	_______
At 31 March 2019	-	-
	_______	_______

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2019
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	K P M Hutchison	54,796	( 54,796)	-
		_______	_______	_______

2018
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	K P M Hutchison	110,210	( 55,414)	54,796
		_______	_______	_______

11. Controlling party

The company is a wholly owed subsidiary of Belmont Healthcare Services Limited a company registered in England and Wales its registered address is Suite 64, Zenith House, Highlands Road, Shirley,Solihull, B90 4PD.